Polymer Foam Market is expected to gross $134.1 billion globally by 2027 at a CAGR of 6.0%, according to Allied Market Research
Allied Market Research released a report titled “Polymer Foam Market by Type (Polyurethane (PU) Foam, Polyethylene (PE) Foam, Polypropylene (PP) Foam, Ethylene Vinyl Acetate (EVA) and Others) and Application (Furniture & Bedding, Transportation, Packaging , Construction and Others): Global Opportunities Analysis and Industry Forecast, 2020-2027.” According to the report, the global polymer foam industry generated $83.9 billion in 2019 and is expected to reach $134.1 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
Main determinants of growth
Rising application of polymeric foam in building and construction, increasing demand for polymeric foam in electronic packaging, and increasing disposable income are driving the growth of the global polymeric foam market. However, the availability of a wide range of eco-friendly substitutes is hampering the growth of the market. On the other hand, advances in additive manufacturing for polymer foams are creating new growth opportunities.
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- The Covid-19 outbreak has had a negative impact on the global polymer foam market. The main factors of degraded growth include the holding of a large number of construction projects and suspended manufacturing facilities.
- Polymer foam demand from end-user industries has declined due to several lockdown measures. The disrupted supply chain, on the other hand, further disrupted the market.
- However, various regions are implementing relaxations on the current regulations, helping industries to resume operations.
Polyurethane (PU) Foam Segment would be leading throughout the forecast period –
Based on type, the polyurethane (PU) foam segment accounted for the largest share in 2019, holding nearly three-fifths of the global polymer foam market, and is expected to maintain its leading status throughout the period. forecast. This is due to the increasing application of polyurethane in automotive, furniture and construction applications. However, the polypropylene (PP) foam segment is expected to grow at the highest CAGR of 6.4% from 2020 to 2027, owing to the surge in demand for a diverse range of applications, such as packaging cushions, sports pads and flotation devices.
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Home Furnishings and Bedding Segment to Continue Highest Contribution by 2027-
Based on application, the furniture and bedding segment contributed the highest share in 2019, accounting for more than three-fifths of the total global polymer foam market share, and is expected to maintain its highest contribution. higher by 2027. Foams in hospitals, hotels and commercial residences and good load capacity are driving the growth of the segment. However, the packaging segment is expected to witness the highest CAGR of 11.3% during the forecast period. This is attributed to the increase in demand for various lightweight polymeric foams in food and electronics packaging applications.
Asia-Pacific must retain its dominant share by 2027, North America must grow at a significant rate-
Based on region, Asia-Pacific held the largest share in terms of revenue, accounting for nearly half of the global polymer foam market share in 2019, and will maintain its dominant share during the period. forecast. Furthermore, the region is also expected to show the highest CAGR of 6.4% from 2020 to 2027, due to the increase in war activities. Additionally, the North America region is expected to register a CAGR of 5.5% from 2020 to 2027.
Main market players
- BASF SE, Dow Inc.
- Kaneka Company
- Rogers Company
- Hunter’s Society
- Covestro S.A.
- Airline Sealed
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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